One of your friends likes buying scratch off lottery tickets. One day, upon reading in the fine print that the probability that any given ticket is a winner is one in a thousand, he wistfully wishes aloud that he could afford one thousand tickets so that he could be sure to win.
How many tickets would he have to buy to have a 90% chance of winning?
Let the number of tickets to be bought be n to be 90% sure to have a 90% chance of winning.
Therefore, we have here:
Probability that none of the n tickets are winner <= 0.1
(1 - 0.001)n <= 0.1
0.999n <= 0.1
Taking natural log both sides, we get here:
nLn(0.999) <= Ln(0.1)
n >= 2301.43
Therefore 2302 is the minimum number of tickets that are to be bought to be 90% sure of winning.
One of your friends likes buying scratch off lottery tickets. One day, upon reading in the...
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